She was a leading actress of Konstantin Stanislavski's Moscow Art Theatre from the late 1920s onward.

She appeared to mixed reviews as Katerina in the screen version of Ostrovsky's The Storm (1934) and as Catherine I in the movie Peter the Great (1937).

Tarasova toured London and United States with the Moscow Art Theatre in 1922–1924 to much international acclaim.

She was a recipient of five Stalin Prizes (in 1941, twice in 1946, 1947, and 1949), two Orders of Lenin and the honorary title of People's Artist of the USSR in 1937.

She served as a deputy of the Supreme Soviet until 1960 and was awarded the title of Hero of Socialist Labour shortly before her death in 1973.